A rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $4,000.

Each year after that, you will receive a payment on the anniversary of the last payment that is 6% larger than the last payment.

This pattern of payments will go on forever. Assume that the interest rate is 15% per year.

a. What is today's value of the bequest?

b. What is the value of the bequest immediately after the first payment is made?